The farming sector's consanguinity relief measure, which supports the transfer of farms from one generation to the next, has been extended for a period of five years to provide more certainty to farming families as they plan for the future.
The Minister for Finance Michael McGrath said he would also extend the accelerated capital allowances for farm safety equipment.
Under Budget 2024 measures, the maximum aggregate lifetime limit of a number of farm-related reliefs will also be extended to €100,000.
Minister for Finance Michael McGrath said this is the maximum allowable under the new EU Agricultural Block Exemption Regulation (ABER), which came into effect in January.
These reliefs include the Young Trained Farmer Stamp Duty relief, Stock relief for Young trained farmers, and the relief for succession farm partnerships.
The maximum amount of enhanced stock relief for farmers who are partners in a Registered Farm Partnership will be increased from €15,000 to €20,000 in line with EU regulations, he added.
The budget also contains a number of measures pertinent to farmers and the agricultural sector.
€32 million in carbon tax funding will go the Department of Agriculture to support 50,000 farmers to improve biodiversity, climate air and water quality.
Farmers affected by Residential Zoned Land Property Tax will also welcome its postponement for one more year.
The tax will charge owners of residentially zoned land who fail to develop it, 3% of its total value every year. Landowners were due to pay the tax in 2024 but it will not become due until 2025.
Changes were announced to the Land Leasing Income Tax Relief scheme, to discourage non-farmers from buying up land. Tax relief will only now be available to a landowner after seven years.
